Reddit price target raised to $99 from $84 at BofA

BofA raised the firm’s price target on Reddit (RDDT) to $99 from $84 and keeps a Neutral rating on the shares after a “strong” Q3 beat and Q4 revenue and EBITDA outlook that came in above the Street view. Following the report and guidance, the firm raised its estimates to reflect higher ad revenues, offset by slightly lower data revenues. While “encouraged” to see another quarter of strong execution in the ad business, the firm contends that the stock’s premium valuation suggests limited upside.